Analysis of private placement issuance for 13 months through July 2012

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Coupon

	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Less than 3%	0	0.170	0	0	0.017	0.060	0.031	0.050	0	0.034	0	0.080	0.025
3%-3.99%	0.125	0.255	0	0.250	0.131	0.553	0.221	0.593	0.300	0.229	0.612	1.492	0.575
4%-4.99%	1.165	1.737	0.755	0.875	0.662	0.718	1.367	1.145	0.800	1.048	0.828	0.942	1.013
5%-5.99%	0.335	0.785	0	0.179	0	0.372	0	0.100	0	0.150	0.402	0	0.086
6%-6.99%	0	0	0	0.044	0	0	0	0	0	0	0.048	0.355	0
7% and higher	0.142	0	0.145	0.375	0.068	0.065	0	0.100	0.049	0.859	0.450	0	0.083
Floater	0	0	0	0	0.010	0	0	0	0	0	0	0	0
NA	0.995	0	0.445	0	0.800	0.070	0.548	0.700	0	0.295	0	0.425	0.206
Total	2.762	2.947	1.345	1.723	1.688	1.838	2.167	2.688	1.149	2.615	2.340	3.295	1.988
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 3%	0.170	2	0.077	2	0.081	2	0.114	4	0.025	1	0.220	7	0.467	11	0.467	11	1.35%
3%-3.99%	0.380	4	0.934	9	1.113	13	2.333	20	0.575	8	4.022	41	5.336	54	5.211	53	24.76%
4%-4.99%	3.657	30	2.255	19	3.312	19	2.818	26	1.013	8	7.143	53	13.055	102	11.890	91	43.98%
5%-5.99%	1.120	10	0.551	7	0.100	1	0.552	4	0.086	1	0.738	6	2.409	23	2.074	18	4.54%
6%-6.99%	0	0	0.044	2	0	0	0.403	3	0	0	0.403	3	0.447	5	0.447	5	2.48%
7% and higher	0.287	3	0.508	4	0.149	3	1.309	6	0.083	1	1.541	10	2.336	17	2.194	15	9.50%
Floater	0	0	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
NA	1.440	9	0.870	7	1.248	4	0.720	7	0.206	2	2.175	13	4.484	29	3.490	24	13.39%
Total	7.054	58	5.249	51	6.004	42	8.250	70	1.988	21	16.242	133	28.544	242	25.782	218	100.00%
Seniority
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
mortgage	0	0	0	0.250	0.185	0	0	0.088	0	0	0	0.080	0.660
senior secured	0.102	0	0	0.045	0	0	0.200	0.100	0.049	0.022	0.710	0.250	0.267
secured	0	0	0	0	0	0	0.900	0	0	0	0	0	0
senior	2.620	2.947	1.345	1.400	1.454	1.773	1.067	2.500	1.100	2.563	1.630	2.965	1.061
senior subordinated	0.040	0	0	0.028	0.033	0.065	0	0	0	0	0	0	0
subordinated	0	0	0	0	0	0	0	0	0	0.030	0	0	0
preferred	0	0	0	0	0.016	0	0	0	0	0	0	0	0
Total	2.762	2.947	1.345	1.723	1.688	1.838	2.167	2.688	1.149	2.615	2.340	3.295	1.988
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0	0	0.435	5	0.088	2	0.080	1	0.660	7	0.828	10	1.263	15	1.263	15	5.10%
senior secured	0.102	1	0.045	2	0.349	4	0.983	7	0.267	4	1.599	15	1.746	18	1.644	17	9.84%
secured	0	0	0	0	0.900	1	0	0	0	0	0.900	1	0.900	1	0.900	1	5.54%
senior	6.912	56	4.627	40	4.667	35	7.158	61	1.061	10	12.885	106	24.424	202	21.804	180	79.33%
senior subordinated	0.040	1	0.126	3	0	0	0	0	0	0	0	0	0.166	4	0.126	3	0.00%
subordinated	0	0	0	0	0	0	0.030	1	0	0	0.030	1	0.030	1	0.030	1	0.18%
preferred	0	0	0.016	1	0	0	0	0	0	0	0	0	0.016	1	0.016	1	0.00%
Total	7.054	58	5.249	51	6.004	42	8.250	70	1.988	21	16.242	133	28.544	242	25.782	218	100.00%
Use of Proceeds
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Acquisition	1.000	0.275	0	0.050	0	0.065	0.900	0.200	0.250	0.300	0.520	0	0.133
Capex	0	0.702	0.350	0	0	0.070	0	0	0	0	0	0	0
GCP	0.300	0.695	0.550	0	0	0.050	0	0.300	0.500	0.125	0	0.175	0
LBO	0	0	0.145	0.375	0	0	0	0	0	0	0	0	0
Redeem notes	0	0	0	0.028	0	0	0	0	0.039	0	0	0.075	0
Refinance	0.402	0.110	0	0.100	0.335	0.408	0	0	0	0.283	0.050	0.805	0.218
Repay bank debt	0.700	0.915	0	0.375	0.690	0.100	0.350	0.188	0	1.263	1.245	0.795	0.450
Multiple/Other/NA	0.360	0.250	0.300	0.795	0.663	1.145	0.916	2.000	0.360	0.644	0.525	1.445	1.188
Total	2.762	2.947	1.345	1.723	1.688	1.838	2.167	2.688	1.149	2.615	2.340	3.295	1.988
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.275	10	0.115	2	1.350	4	0.820	5	0.133	2	2.303	11	3.692	23	2.692	15	14.18%
Capex	1.052	4	0.070	1	0	0	0	0	0	0	0	0	1.122	5	1.122	5	0.00%
GCP	1.545	14	0.050	1	0.800	8	0.300	4	0	0	1.100	12	2.695	27	2.395	25	6.77%
LBO	0.145	1	0.375	1	0	0	0	0	0	0	0	0	0.520	2	0.520	2	0.00%
Redeem notes	0	0	0.028	1	0.039	1	0.075	1	0	0	0.114	2	0.142	3	0.142	3	0.70%
Refinance	0.512	5	0.843	5	0	0	1.138	9	0.218	1	1.356	10	2.711	20	2.309	16	8.35%
Repay bank debt	1.615	14	1.165	12	0.538	5	3.303	22	0.450	5	4.290	32	7.071	58	6.370	51	26.41%
Multiple/Other/NA	0.910	10	2.603	28	3.276	24	2.614	29	1.188	13	7.078	66	10.591	104	10.231	101	43.58%
Total	7.054	58	5.249	51	6.004	42	8.250	70	1.988	21	16.242	133	28.544	242	25.782	218	100.00%
Industry Sector (by SIC code)
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.218
Mining (1xxx)	0	0	0	0.275	0	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	0	0.150	0.150	0.105	0	0.200	1.100	0.010	0.556	0.925	0.665	0
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	0.175	0
Manufacturing (2xxx, 3xxx)	1.495	0.655	0	0.500	0.065	1.060	0.615	0	0.289	0.075	0.875	1.655	0.258
Pharmaceuticals (2834-6)	0	0.350	0.350	0	0	0	0	0	0	0	0	0	0.168
Transportation (4xxx)	0	0.165	0	0	0	0	0	0	0	0	0.115	0.170	0
Communications (48xx)	0	0	0.145	0	0.035	0	0	0	0	0	0.225	0	0
Electric, gas, sanitary services (49xx)	0.040	1.217	0.350	0.350	0.185	0.528	1.103	0.188	0.300	0.480	0.050	0.080	0.660
Wholesale (5xxx)	0.102	0	0.050	0	0	0.100	0	0	0	1.057	0	0.300	0.250
Finance, insurance, real estate (6xxx)	0.185	0.100	0.300	0.045	0.765	0.150	0	0	0.400	0.228	0.075	0.250	0.403
Services (7xxx)	0.465	0.150	0	0.403	0.533	0	0.248	1.400	0.150	0.220	0	0	0.032
Health services (8xxx)	0.475	0.310	0	0	0	0	0	0	0	0	0.075	0	0
Total	2.762	2.947	1.345	1.723	1.688	1.838	2.167	2.688	1.149	2.615	2.340	3.295	1.988
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.218	1	0.218	1	0.218	1	0.218	1	1.34%
Mining (1xxx)	0	0	0.275	2	0	0	0	0	0	0	0	0	0.275	2	0.275	2	0.00%
Oil and gas (13xx)	0.150	2	0.255	4	1.310	7	2.146	15	0	0	3.456	22	3.861	28	3.861	28	21.28%
Construction (15xx)	0	0	0	0	0	0	0.175	1	0	0	0.175	1	0.175	1	0.175	1	1.08%
Manufacturing (2xxx, 3xxx)	2.150	17	1.625	11	0.904	9	2.605	15	0.258	2	3.767	26	7.542	54	6.047	43	23.19%
Pharmaceuticals (2834-6)	0.700	6	0	0	0	0	0	0	0.168	3	0.168	3	0.868	9	0.868	9	1.03%
Transportation (4xxx)	0.165	3	0	0	0	0	0.285	5	0	0	0.285	5	0.450	8	0.450	8	1.75%
Communications (48xx)	0.145	1	0.035	1	0	0	0.225	1	0	0	0.225	1	0.405	3	0.405	3	1.39%
Electric, gas, sanitary services (49xx)	1.607	11	1.063	12	1.591	11	0.610	14	0.660	7	2.861	32	5.532	55	5.492	53	17.61%
Wholesale (5xxx)	0.152	2	0.100	1	0	0	1.357	6	0.250	1	1.607	7	1.859	10	1.757	9	9.89%
Finance, insurance, real estate (6xxx)	0.585	7	0.960	13	0.400	5	0.552	10	0.403	6	1.355	21	2.900	41	2.715	37	8.34%
Services (7xxx)	0.615	6	0.936	7	1.798	10	0.220	2	0.032	1	2.050	13	3.600	26	3.135	21	12.62%
Health services (8xxx)	0.785	3	0	0	0	0	0.075	1	0	0	0.075	1	0.860	4	0.385	3	0.46%
Total	7.054	58	5.249	51	6.004	42	8.250	70	1.988	21	16.242	133	28.544	242	25.782	218	100.00%
Country
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Australia	0	0	0	0.225	0.300	0	0	0	0	0.220	0	0	0.175
Barbados	0	0	0	0	0	0	0	0	0	0	0.225	0	0
Canada	0.475	0.130	0	0.150	0.105	0.250	0.200	0.300	0	0.806	0.925	0.075	0.032
Cayman Islands	0.040	0	0	0	0	0	0	0	0	0	0	0	0
France	0	0	0	0	0	0	0	1.200	0.150	0.075	0	0.875	0
Ireland	0	0.200	0	0	0	0	0	0	0	0	0	0	0
Italy	0	0	0	0	0	0.350	0	0	0	0	0	0	0
Netherlands	0	0.110	0.150	0	0.300	0	0	0	0	0	0	0	0.218
New Zealand	0	0	0	0	0	0	0.300	0	0	0	0	0.105	0
Sweden	0.195	0	0	0	0	0	0	0	0	0	0	0	0
U.K.	0.300	0	0	0	0	0	0	0.700	0.200	0	0.190	0.300	0
U.S.	1.752	2.507	1.195	1.348	0.983	1.238	1.667	0.488	0.799	1.464	1.000	1.940	1.563
Virgin Islands	0	0	0	0	0	0	0	0	0	0.050	0	0	0
Total	2.762	2.947	1.345	1.723	1.688	1.838	2.167	2.688	1.149	2.615	2.340	3.295	1.988
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Australia	0	0	0.525	3	0	0	0.220	2	0.175	1	0.395	3	0.920	6	0.920	6	2.43%
Barbados	0	0	0	0	0	0	0.225	1	0	0	0.225	1	0.225	1	0.225	1	1.39%
Canada	0.605	2	0.505	6	0.500	5	1.806	13	0.032	1	2.337	19	3.447	27	2.973	26	14.39%
Cayman Islands	0.040	2	0	0	0	0	0	0	0	0	0	0	0.040	2	0	0	0.00%
France	0	0	0	0	1.350	5	0.950	6	0	0	2.300	11	2.300	11	2.300	11	14.16%
Ireland	0.200	1	0	0	0	0	0	0	0	0	0	0	0.200	1	0.200	1	0.00%
Italy	0	0	0.350	1	0	0	0	0	0	0	0	0	0.350	1	0.350	1	0.00%
Netherlands	0.260	3	0.300	1	0	0	0	0	0.218	1	0.218	1	0.778	5	0.778	5	1.34%
New Zealand	0	0	0	0	0.300	1	0.105	1	0	0	0.405	2	0.405	2	0.405	2	2.49%
Sweden	0.195	1	0	0	0	0	0	0	0	0	0	0	0.195	1	0	0	0.00%
U.K.	0.300	3	0	0	0.900	3	0.490	4	0	0	1.390	7	1.690	10	1.390	7	8.56%
U.S.	5.454	46	3.569	40	2.954	28	4.404	42	1.563	18	8.921	88	17.944	174	16.192	157	54.93%
Virgin Islands	0	0	0	0	0	0	0.050	1	0	0	0.050	1	0.050	1	0.050	1	0.31%
Total	7.054	58	5.249	51	6.004	42	8.250	70	1.988	21	16.242	133	28.544	242	25.782	218	100.00%

Criteria

• The tables include private placements in the U.S market reported to Prospect News.

• Amounts are based on the total sales price (face amount multiplied by the offering price)

• Each tranche is counted as a separate deal.

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